Global law firm White & Case LLP has advised on the successful extension of the financing for Romanian chemical producer Chimcomplex SA, arranged by Frankfurt-based VTB Bank (Europe) SE together with Special Investments Group of Credit Suisse AG, for the acquisition of certain assets and of the business of Oltchim S.A.

White & Case acted as international and English law adviser to VTB Bank (Europe) SE in its roles as arranger, facility agent and lender, coordinating with Romanian law firm Stratulat Albulescu on Romanian aspects.

State-owned Oltchim S.A. has been in insolvency since the beginning of 2013, and the sale of its assets has been conducted according to a restructuring plan and as part of a privatisation process. Chimcomplex is now one of the most important chemical manufacturers in Romania.

The White & Case team which advised on the transaction was led by Prague partner Jonathan Weinberg.